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Loans at Fair Value
 6 Months Ended
Jun. 30, 2024
Mortgage Loans At Fair Value [Abstract]  
Loans at Fair Value

Note 10—Loans at Fair Value

Loans at fair value are comprised primarily of loans held in VIEs securing asset-backed financings as described in Note 6 –Variable Interest Entities – Subordinate Mortgage-Backed Securities.

Following is a summary of the distribution of the Company’s loans at fair value:

Loan type

 

June 30, 2024

 

 

December 31, 2023

 

 

 

(in thousands)

 

Loans in VIEs:

 

 

 

 

 

 

Agency-conforming loans secured by investment properties

 

$

1,329,667

 

 

$

1,383,392

 

Fixed interest rate jumbo loans

 

 

46,171

 

 

 

48,297

 

 

 

1,375,838

 

 

 

1,431,689

 

Distressed loans

 

 

1,998

 

 

 

2,131

 

 

$

1,377,836

 

 

$

1,433,820

 

Loans at fair value pledged to secure:

 

 

 

 

 

 

Asset-backed financings at fair value (1)

 

$

1,375,838

 

 

$

1,431,689

 

Assets sold under agreements to repurchase

 

 

167

 

 

 

207

 

 

$

1,376,005

 

 

$

1,431,896

 

 

 

(1)
As discussed in Note 6 ‒ Variable Interest Entities ‒ Subordinate Mortgage-Backed Securities, the Company holds a portion of the securities issued by the VIEs. At June 30, 2024 and December 31, 2023, $78.3 million and $85.3 million, respectively, of such retained securities were pledged to secure Assets sold under agreements to repurchase.